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What amount should LMN report as an intangible asset

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Question - On January 2, 2020, LMN Co. purchased a franchise with a useful life of 10 years for P800,000. An additional franchise fee of 3% of franchise operation revenues must be paid each year to the franchisor.  Revenues from franchise operations amounted to P1,500,000 during 2020.  In its December 31, 2020 balance sheet, what amount should LMN report as an intangible asset-franchise?

Reference no: EM133073353

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